Elevator and Escalator Market to Reach USD 124 Billion by 2035, Driven by Strong Growth in Asia Pacific

According to the report, the global elevator and escalator market is likely to grow from USD 91.2 Billion in 2025 to USD 124.0 Billion in 2035 at a highest CAGR of 3.1% during the time period. The rising urbanization and the resultant expansion of high-rise residential, commercial and mixed-use residential properties especially in the developing economies of China, India and Southeast Asia are contributing immensely to the growth of the global elevator and escalator market.

Moreover, the existing policies on the promotion of smart urban structures and sustainable constructions are stimulating the implementation of energy-efficient, environmentally friendly elevator models, which have such characteristics as regenerative drives, machine room less construction, and connection with the IoT. The current movement on the course of modernization and upgrading of aging elevators in developed countries also leads to market growth thus generating a repetitive service and maintenance business.

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Regional Analysis of Global Elevator and Escalator Market

Asia Pacific has the greatest demand of elevators and escalators because of rapid urbanization process, population increase, and construction of massive infrastructures. The high rise residential and commercial buildings and mixed-use buildings in countries such as China, India, and Indonesia are on a boom making them require efficient vertical transport systems. Also, the trend towards smart cities and sustainable buildings in the region is upgrading the introduction of energy-efficient, IoT-enabled, and AI-driven elevators.

In 2024, KONE Corporation installed DX Class smart elevators in several high-rise developments in Shanghai, with the focus on energy efficiency and predictive maintenance. With the increasing urbanization, the growing construction budgets, and the modernization projects, Asia Pacific is becoming the biggest and the fastest growing market in the region that requires vertical mobility solutions.

The elevator and escalator market growth in North America is mainly because of renovation and retrofit of the old infrastructure, but not due to the construction of new high-rise buildings. A large number of business buildings and transportation stations are to be renovated to meet the current standards of safety, reduce the consumption of energy sources, and introduce intelligent devices.

Otis Elevator Company has implemented AI-based predictive maintenance in mid-rise office buildings in New York in 2024, which saves downtime and the cost of operation. Also, increasing investments into hospitals, airports and mixed-use developments promote demand. The injections to energy efficient building solutions by the government and strict accessibility regulations further boost and sustain the growth of the market in North America.

Prominent players operating in the global elevator and escalator market are Beijing Elevator Corporation, Canny Elevator Co., Ltd., Express Elevator Company, Fujitec Co., Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., Johnson Lifts Pvt. Ltd., KONE Corporation, LG Elevator, Mac Elevator Company, Mitsubishi Electric Corporation, Oriental Elevator Company, Otis Elevator Company, RICON Elevator Company, Schindler Group, Sigma Elevator Company, Thyssenkrupp AG, TKE Elevator Systems, Toshiba Elevator and Building Systems Corporation, Usha Elevator Company, and Other Key Players.

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Key Driver, Restraint, and Growth Opportunity Shaping the Global Elevator and Escalator Market

The growing rates of the use of contactless and touchless elevators are growing the elevator and escalator market, with increasing building owners focusing more on hygiene and safety after the pandemic. As an example, the commercial complexes are being fitted with elevators with gesture or smartphone-based controls to minimize the number of touchpoints that increase the confidence of users and the efficiency of the operation.

The strict compliance requirements on regulation and safety standards in various countries may delay project approvals and raise the cost to manufacturers. This is accompanied by the need to comply with local building codes, seismic code and fire regulations which complicates matters especially when a firm is venturing into several international markets.

The increasing popularity of mixed-use urban development's offers the prospects of specialty vertical mobility systems, including the double-deck elevators or multi-shaft. Thyssenkrupp AG implemented its TWIN elevator concept in a massive commercial-residential development in Singapore in 2025 and provided transport solutions with high capacities that are also space-efficient.

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Recent Development and Strategic Overview:

In July 2024, Schindler Group presented its novel Schindler R.I.S.E system that is a robotic technology that is used to autonomously install elevators, including drilling and attaching anchor bolts. The purpose of this development is to increase the efficiency of installations, decrease the cost of labor, and increase the safety through the automation of routine tasks. The system is connected to the digital building models and thus there is exactly accurate and error free installation.

In June 2024, KONE Corporation has launched its KONE DX Class Elevators that have an inbuilt connectivity to improve user experience and building integration. These lifts will be fitted with high-tech specifications such as IoT connectivity, which also allows monitoring and predictive maintenance in real-time. The KONE DX Class Elevators are designed to increase people flow, minimize the use of energy, and offer a tailored user interface. This introduction demonstrates the desire of KONE to be innovative and sustainable in the elevator business.

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Key Trend: Integration of AI and Predictive Maintenance Technologies

The elevator and escalator market is being changed by the introduction of artificial intelligence (AI), machine learning (ML), and predictive maintenance technologies. These innovations allow the systems to diagnose themselves, anticipate failures before they happen, and automatically perform under performance patterns. The increase the safety and the passenger experience, but unplanned maintenance costs and downtime are decreased as well.
Manufacturers are working on smart elevator systems which continuously monitor elements like motors, brakes and control units via the application of cloud-based analytics and IoT sensors. The information that is collected in real time will be analyzed to predict the wear and tear so that the maintenance staff can act proactively.

Hitachi, Ltd., the recent company that has documented its AI-driven Human-Centric Elevator system in 2024. The technology is based on passenger behavior analytics to anticipate the peak flows and optimize dispatching to make sure that there are minimum wait times. The AI algorithms of the system examine past and real-time data to dynamically control elevator groups in the context of various levels, which leads to a higher energy consumption and operation efficiency. This trend demonstrates the transition of the industry towards linked ecosystems, elevators as smart responsive units in intelligent buildings. The efficiency, reliability, and safety of the services will be raised to new levels as increasingly more manufacturers start accommodating AI.

The increased use of AI and predictive technologies is changing the nature of the elevator and escalator market with self-optimizing systems that can improve the efficiency of operations and user experience worldwide.

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